Company Insight

Hai An Transport & Stevedoring Company (HAH) is a pioneer in shipping sector in Viet Nam. In 2023, HAH's NPAT decreased sharply to 371 bn VND (-64% YoY). This was a difficult year for the shipping industry due to low demand for goods and a container oversupply. We expect HAH's business operations to improve significantly from 2024, thanks to (1) freight rates to increase by 10-15% YoY, (2) fleet capacity to increase by 20% YoY by the end of 2024, and (3) fuel costs to decrease, thereby improving profit margins. Based on DCF methods, we update HAH’s target price at VND 51,000.